The NSE Nifty 50 has found support at the 24,730-24,700 levels amid a global selloff triggered by the West Asia war, which is showing no signs of de-escalation, according to Sudeep Shah, head of technical and derivatives research at SBI Securities.
“A decisive break down below 24,700 may open the doors for a deeper correction, with the next downside level seen near 24,550, where intermediate support is placed,” Shah said.
Immediate bias remains down below Monday’s gap down area of 25,178-24.989 and pullback should be used as a selling opportunity according to Bajaj Broking’s Market Research
On the upside, the 24,950–25,000 zone will act as a stiff resistance, as it aligns with the psychological 25,000 mark as well as short-term supply levels, according to Shah.
“Any sustained move above 25,000 will be essential for the index to regain bullish momentum and attempt a recovery after the recent sell off,” he said.
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Bank Nifty
For the Bank Nifty index, the support zone of 59,400–59,300 will be crucial, as per Shah. “A sustained move below 59,300 may accelerate the decline toward 58,800, followed by 58,300.”
The index formed a bull candle with a lower high and lower low and a bearish gap below its base (60,438-60,177), according to Bajaj Broking Market Research.
Immediate bias remains down below Monday’s gap down area (60,438-60,177) and pullback should be used as a selling opportunity, according to the brokerage.
On the upside, the region between 60,300 and 60.400 will act as the immediate hurdle. A decisive move above 60,400 will be essential for the index to regain momentum, the analyst said.
Market Recap
The Nifty 50 ended 312 points or 1.24% lower at 24,865 and the BSE Sensex settled 1,048 points down at 80,238. Intraday, both indices fell over 2%.
Broader markets also fell, with the Nifty Midcap 150 and Nifty Smallcap 250 shedding 1.7% and 1.9%, respectively.
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